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Ashley Vice on SIMA Response to Current Market Trends

Rather than building an investment strategy on ephemeral market forecasts, we prefer to look for the known risks and opportunities and weigh them against probable outcomes. We can never know when a certain trend will turn, but we should be aware of those things that are unsustainable and position ourselves accordingly. To that end, we’ve upgraded the quality of our fixed income holdings this quarter in response to growing risks in corporate bonds. The lowest quality tranche of “investment grade” bonds, the BBB-rated tranche, used to make up 35% of all investment grade bonds. Now it’s over 50%, and these companies...

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Reminder: PCORI Fees Due July 31

The Affordable Care Act imposes a fee on issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans to help fund the Patient-Centered Outcomes Research Institute. The fee, required to be reported only once a year on the second quarter Form 720 and paid by its due date, July 31, is based on the average number of lives covered under the policy or plan. The fee applies to policy or plan years ending on or after Oct. 1, 2012, and before Oct. 1, 2019. The Patient-Centered Outcomes Research Institute fee is filed using Form 720, Quarterly Federal...

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Have a sunnier tax season with these summertime IRS tax tips

WASHINGTON — Buying a home? Working a summer job? Volunteering? Activities that are common in the summer often qualify for tax credits or deductions. And, while summertime and part-time workers may not earn enough to owe federal income tax, they should remember to file a return to get a refund for taxes withheld early next year. Here are some summertime tax tips from the IRS that can help taxpayers during tax season next year: Marital tax bliss. Newlyweds should report any name change to the Social Security Administration before filing next year’s tax return. Then, report any address change to the...

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New Minimum Wage Requirements in Several States/Cities

On July 1, several states and cities changed their minimum wage rate. Click here to view the list of affected jurisdictions, including: ⦁ New Jersey ⦁ Oregon ⦁ Chicago ⦁ Cook County, IL ⦁ Washington, DC ⦁ Minneapolis ⦁ Los Angeles ⦁ San Francisco ⦁ and 9 smaller cities in California Action May Be Required: If you operate in one of the affected cities or states, please review your employee pay rates to ensure all employee are being paid at least the new minimum wage. Please note, SIMA cannot automatically update these wages, therefore, you will need to confirm your employee pay rates and adjust those that fall below the adjusted...

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FLOCK to SIMA’s New Paperless Integrated HR & Benefits Platform!

SIMA is proud to offer integrated and paperless technology making critical HR management easier than ever before! Introducing our newest partner, Flock! Let us know you are interested by clicking here. Flock’s user-friendly HRIS system efficiently manages information, streamlines processes and stores data in a secure environment. Our platform consists of two modules: HRIS System and Benefits Administration & Compliance. Within these modules you will find paperless access to HR and Benefits management including: Employee Onboarding from start to finish (offer letter, new hire forms, benefits enrollment) Insurance Deductions updated and integrate directly into ADP Run, ADP Workforce Now and Paylocity....

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EEOC Delays Amending Wellness Program Regulations to End of 2019

On May 22, 2019, the Equal Employment Opportunity Commission (EEOC) announced its plans to issue amended regulations related to wellness program incentives by December 2019. This signals the second pushback of the EEOC’s deadline to publish new wellness program incentive regulations. Back in 2016, the EEOC had finalized two rules that regulated employer-sponsored wellness programs. These rules allowed employers to offer incentives for wellness programs that asked employees health-related questions or included medical exams. The rules also allowed employers to offer incentives in exchange for health-related information about employees’ spouses. In August 2017, a federal district court had vacated portions of the...

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IRS Releases Inflation-adjusted Limits for HSAs and HDHPs for 2020

On May 28, 2019, the IRS released Revenue Procedure 2019-25 to announce the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2020. These limits include: The maximum HSA contribution limit The minimum deductible amount for HDHPs The maximum out-of-pocket expense limit for HDHPs These limits vary based on whether an individual has self-only or family coverage under an HDHP. HSA Contribution Limits for 2020 The IRS limits for HSA contributions increase for 2020. Eligible individuals with self-only HDHP coverage will be able to contribute up to $3,550 for 2020, while eligible individuals with family HDHP coverage will...

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Should You Include ESG Funds in Your Retirement Plan? Maybe, Maybe Not.

ESG, or environmental, social and governance funds, can be appealing to many investors, including millennials. These funds may be viewed as a proactive way to encourage reluctant and under-prepared millennials to save for retirement.  But is it a good idea to include ESG funds in your plan’s investment menu to entice investment do-gooders to boost their retirement savings? The short answer is, “it depends. What are ESG funds? Ethics-driven investment vehicles have existed since the 1970s. Initially, they sought to weed out companies that conflicted with investors’ values, including tobacco, liquor and gambling stocks. ESG investing has come a long way since then....

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Is it Time to Consider a New Plan Design?

You may have heard about a “cash balance plan” and wondered whether it would be something advantageous for your business.  A cash balance plan operates differently from other types of traditional retirement plans in that it combines features of both defined benefit and defined contribution plans. Technically, a cash balance plan is classified as a defined benefit plan, which means it is subject to minimum funding requirements.  Likewise, the investment of cash balance plan assets are managed by the employer or an investment manager appointed by the employer.  Since cash balance plans are a “benefit,” increases and decreases in the value...

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